QPI to purchase share in Total's Congo operations
(MENAFN) Qatar Petroleum International (QPI) will buy a stake in Total's Congo operations, reported Arabian Business. This investment's major focus is the Moho North project. Neither of the two companies mentioned anything about the deal's value. It's worth noting that the Qatari company finished some other foreign investments in April such as its USD987 million alliance deal with Centrica to take over Suncor Energy's gas business.
Qatar, Tunisia negotiate possible CB deposit
(MENAFN) Tunisia's Prime Minister, Ali Larayedh, stated that the government is currently negotiating a Qatari deposit in the North African country's central bank, reported Arabian Business. Larayedh said that officials from Qatar are also planning to increase investments in Tunisia, which reached a USD1.75-billion loan agreement with the International Monetary Fund (IMF) in April to lessen the country's financial burdens. According to some official sources, the deposit value could reach nearly USD1 billion. Tunisia, which posted an economic growth rate of 2.7 percent in the first quarter, is suffering from increasing inflation, a large external deficit and an uncertain political outlook.
Bahrain's LIC posts 16.43% climb in 2012's investments to USD760.21m
(MENAFN) Bahrain's LIC (International) CEO and managing director, R Thamodharan, announced that the insurer's total investments jumped by 16.43 percent in 2012 to USD760.21 million, reported Gulf Daily News. Thamodharan added that in the year, income from investments reached USD47.2 million. He said that the firm, a subsidiary of LIC of India, launched a new product in 2012, bringing premium of USD25.42 million. The CEO also said that 2012 witnessed a rise of 23 percent in premium income, issuing 9,801 policies with sum assured of USD116.19 million. Furthermore, LIC paid USD27.06 million to policyholders by way of claims. It is worthy noting that the firm's total investments in 2011 stood at USD652.91 million.
Bahrain's Asry to execute up to 240 projects in 2013
(MENAFN) Arab Shipbuilding and Repair Yard (Asry) CEO, Chris Potter, announced that the Bahraini company will carry out between 220-240 projects during the current year, reported Gulf Daily News. Potter added that Asry, one of the region's largest shipbuilding businesses, will invest millions of dollars to establish another floating dock He noted that under the company's new 5-year plan, Asry will improve and develop existing facilities, and will also look for more capabilities for new kinds of business. It is worth noting that Asry will establish a branch office in Saudi Arabia to access the Kingdom's high volume of petrochemical transportation business.
BP allocates USD2.9b to Rumaila oilfield in 2013
(MENAFN) BP assigned USD2.85 billion to improve Rumaila oilfield located in Iraq during 2013, reported Gulf Daily News citing the head of the joint management committee for the field. Raising the output from Rumaila is very important for the country to be able to increase oil exports to 6 million bpd by 2017. USD2.2 billion was the agreed financial amount for the improvement of Iraq's most prolific oilfield in 2012. BP is planning to issue three tenders in order to drill 150 new oil wells during the second half of the current year.
Abu Dhabi's Etihad to hire 50 airberlin pilots
(MENAFN) Etihad Airways will hire over 50 pilots from airberlin, which is going through a restructuring plan, reported Arabian Business. 6 Boeing 737-rated First Officers started the moving procedure in April, according to Etihad Airways. Etihad Airways has currently 1,400 pilots and planning to add 1,000 more by 2020. It's worth noting that the Abu Dhabi-based carrier has a 29-percent stake in Germany's second-biggest airline.
Dubai's Damac starts sales of Bay's Edge units
(MENAFN) Damac Properties stated that it will soon start sales of units at its Burj area project, reported Arabian Business. The Dubai-based company's 22-storey Bay's Edge tower consists of 220 units and is located across Burj Khalifa. The project costs USD108.8 million and will be ready in 2016, while each apartment will be sold for around USD195,974. The company took advantage of the increased demand of luxurious serviced residences at the Burj Area, according to the company's managing director, Ziad El Chaar.
